NEEDED FHA MODERNIZATION AND LIMIT INCREASES

Below is a letter from National Association of Realtors thanking me for emailing the Senate regarding modernization of FHA and increasing loan limits. I suggest you all contact congress. This is what congress can do to help us. Create more demand for housing by creating more liquidity in the mortgage market.

Just my opinion...Jeff


Dear Jeff,
I want to personally thank you each of you for taking action on these latest Calls for Action in support of FHA Modernization. More than 90,000 REALTORS contacted the Senate urging passage of the Housing bill. On July 11th, the Senate voted 63 to 5 to approve the legislation. As a result of your efforts, HR 3221 creates affordable housing opportunities by setting loan limits up to $625,500 for Fannie Mae, Freddie Mac and FHA, and will stimulate housing demand with a temporary $8,000 home ownership tax credit. The bill also includes broad reform for Fannie Mae, Freddie Mac, and FHA, and creates a new FHA program to help homeowners at-risk for foreclosure.
This bill is critical to restoring confidence in the mortgage and housing markets and the nation’s entire economy. But it isn’t complete yet. Now, the bill goes to a conference committee before Congress can send it to the President. Negotiations begin over the next few days and weeks, and both House and Senate leaders hope to get the bill on the President’s desk before the August recess.
Of course, none of this would have been possible without members mobilizing in support of this crucial legislation. Our strong involvement included face to face meetings between members and their Senators and Representatives in their home states as well as in Washington, DC. NAR generated more than 250,000 e-mail messages and phone calls urging Congress to take action on the vitally important Housing bill.
By working “All Together” we have shown that when REALTORS stand united the American dream of homeownership is open to all. Thank you for your successful efforts!
Dick GaylordPresident NAR